Homeowners Insurance in Stuart, Florida

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  • Homeowners Insurance in Stuart, Florida

Stuart is a residential community bordered by the water and bisected by bridges. The benefits of Florida living are front and center. Unfortunately, the city’s location on the Atlantic coast leaves it vulnerable to hurricane damage, which isn’t beneficial to home insurance premiums.

Property owners need homeowners insurance to protect their houses from events out of their control, from hurricanes to fires and more. Finding affordable coverage isn’t always easy in Florida, but we break down what you should know to find the best homeowners insurance in Stuart below.

How Much Is Homeowners Insurance in Stuart, Florida?

The average cost of homeowners insurance in Stuart was about $5,663 annually on a $150,000 home, $10,125 on a $300,000 home, and $14,592 on a $450,000 home.

Florida has some of the country’s highest home insurance rates, partly due to skyrocketing property values and the constant threat of hurricane damage.

Martin County has above-average insurance rates in Florida due to its proximity to the Atlantic. Coastal areas, especially in South Florida, have high premiums due to the seasonal threat of hurricane and tropical storm damage.

We broke down average premiums from some common home insurance companies in Stuart below. Note the classification by home value.

Average Cost of Homeowners Insurance in Stuart 
Company $150,000 House $300,000 House $450,000 House
Allstate $3,219 $5,757 $8,297
Citizens $3,377 $6,021 $8,670
Florida Penn $5,062 $9,046 $13,035
Liberty Mutual $3,210 $5,731 $8,254
People’s Trust $7,236 $12,930 $18,630
Southern Oak $7,637 $13,688 $19,743
State Farm $4,198 $7,507 $10,819
Stillwater $2,283 $4,084 $5,888
Universal Property $9,288 $16,613 $23,946
Average $5,663 $10,125 $14,592
It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

Insurance companies determine the value of a home primarily through replacement cost. They examine the structure itself and estimate building costs based on materials, labor, and construction expenses. They don’t take real estate market factors and land into account, which is why replacement cost differs from market value. Homes with higher replacement costs cost more to rebuild and insure.

In the following tables that explain home insurance rates in Stuart, you’ll notice that wind mitigation is a crucial factor in lowering premiums. Wind mitigation involves strengthening your home’s ability to withstand strong winds (like those from a hurricane) with certain construction measures and features.

Wind mitigation dramatically reduces home insurance rates in Florida, especially in coastal areas, because it reduces the likelihood of your home suffering hurricane damage, a major concern for all companies in the state.

Look at the following tables which further break down homeowners insurance rates in Stuart, beginning with $150,000 homes below.

Cost of Homeowners Insurance on $150,000 House in Stuart 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,507 $2,001 $2,148
Citizens $4,549 $2,264 $3,318
Florida Penn $7,587 $3,791 $3,808
Liberty Mutual $4,548 $2,314 $2,768
People’s Trust $12,236 $3,875 $5,507
Southern Oak $13,311 $6,168 $3,433
State Farm $6,438 $3,255 $2,902
Stillwater $3,732 $1,702 $1,414
Universal Property $17,192 $4,619 $6,052
Average $9,246 $3,778 $3,966

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the most recent rate filings from the state’s largest insurers and can be utilized as an average of what Floridians can expect to pay for homeowners insurance each year. The example premiums are based on a policy for a Florida masonry home with a $500 non-hurricane deductible, a 2% hurricane deductible and no claims in the past three years.

Florida Office of Insurance Regulation Premium Consideration Factors
Home Construction Definition
*Wind Mitigation Any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals and impact-resistant doors and windows.
Pre-2001 Construction w/ No Wind Mitigation These premiums represent homes built before 2001 with no wind mitigation features.
Pre-2001 Construction w/ Wind Mitigation These premiums represent homes built before 2001 with maximum wind mitigation features.
2001-Present Construction These premiums represent homes with limited wind mitigation features and no hip roof built from 2001, when Florida redesigned its building codes and mandated that new construction withstand hurricane-force winds better. 

You can see how much wind mitigation can save certain homeowners. It reduced premiums by over 59% on average, for older homes. 

Some companies saw even more drastic savings. For instance, premiums from Universal Property & Casualty, the state’s largest private home insurer, were cut by over 75%, over $12,000 annually, by wind mitigation on older homes. Read on for average rates on $300,000 homes in Stuart.

Cost of Homeowners Insurance on $300,000 House in Stuart 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $9,913 $3,602 $3,756
Citizens $8,188 $4,075 $5,801
Florida Penn $13,657 $6,824 $6,658
Liberty Mutual $8,186 $4,165 $4,840
People’s Trust $22,187 $6,975 $9,628
Southern Oak $23,960 $11,102 $6,002
State Farm $11,588 $5,859 $5,074
Stillwater $6,718 $3,064 $2,472
Universal Property $30,946 $8,314 $10,580
Average $16,643 $6,800 $6,933

Average home insurance rates in Stuart for $300,000 older houses are nearly $10,000 cheaper per year with wind mitigation. Additionally, older homes normally have higher rates because their dated components are more likely to cause damage. Also, older homes aren’t constructed to the latest building codes that improve structural integrity against hurricanes. 

Observe how the trend continues in the final table depicting $450,000 home premiums.

Cost of Homeowners Insurance on $450,000 House in Stuart 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $14,318 $5,203 $5,371
Citizens $11,827 $5,886 $8,295
Florida Penn $19,726 $9,857 $9,521
Liberty Mutual $11,825 $6,016 $6,921
People’s Trust $32,048 $10,075 $13,768
Southern Oak $34,609 $16,037 $8,583
State Farm $16,739 $8,463 $7,256
Stillwater $9,703 $4,425 $3,535
Universal Property $44,699 $12,009 $15,129
Average $24,040 $9,822 $9,914

You can see some of the premiums on old, costly homes without wind mitigation are exorbitant. It’s rare to find anyone paying these premiums. Furthermore, a company wouldn’t expect you to pay these rates. Someone could receive these numbers if your property met these criteria but it’s rare to find such a costly home that hasn’t been fitted with some sort of wind mitigation.

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

Companies With the Cheapest Homeowners Insurance in Stuart, Florida

Stillwater often had the cheapest homeowners insurance in Stuart, based on our findings. Your personal circumstances dictate which choice is best, though, and the cheapest home insurance in Stuart could come from any company based on many factors.

You’ll notice Citizens also had fairly affordable home insurance rates of the companies listed above. While Citizens might be a cheaper option in many cases, you should know that the company isn’t a typical insurance carrier.

Citizens is a Florida government entity that was originally designed to be an insurer of last resort for people who can’t find coverage in the standard, private market. Unfortunately, the condition of the state’s home insurance market has caused many more people to turn to Citizens than ever expected, causing the company to become oversaturated with policyholders.

Citizens policies offer smaller coverage limits and less flexibility than plans from standard carriers. Also, due to its inflated number of policyholders, Citizens is actively trying to offload consumers onto private companies. So, if you choose Citizens today, they may not be your carrier for long.

You should obtain quotes and compare rates from multiple insurers in Florida when looking for coverage to find the best bang for your buck.

Stuart Homeowners Insurance Coverages

The default coverages in a homeowners insurance policy remain the same from company to company. They look as follows:

Stuart Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage in homeowners insurance financially shields the structural elements of your home, including the roof, walls, floors, patios, plumbing, wiring, and more.
Other Structures Coverage Other structures coverage protects fixtures on your property not attached to your main house, such as sheds, pools, fences, detached garages, and more.
Personal Property Coverage Personal property coverage safeguards your possessions, such as furniture, clothing, electronics, small appliances, tools, jewelry, and more.
Loss of Use Coverage Loss of use coverage assists in covering expenses you incur if you’re forced to move out of your house after it suffers significant covered property damage. Your insurer can cover lodging, groceries, gas, and more.
Liability Coverage Liability coverage helps cover medical bills and legal fees if you’re found liable for someone’s injury in a lawsuit.
Medical Payments Coverage Medical payments coverage covers minor injuries that can occur to guests on your property, regardless of fault.

How to Get the Best Homeowners Insurance in Stuart, Florida

The best homeowners insurance in Stuart will satisfy your coverage needs while staying within your budget. This will differ for every person. Understand your coverage needs and compare plans from multiple companies to find the best option.

Understand Coverage Needs 

You determine many of your policy limits when you get a quote. You must set the proper amount to ensure you’re not underinsured while also avoiding overpaying for unnecessary coverage. 

Your insurer determines your dwelling coverage, and your other structures coverage is normally 10% of your dwelling limit. You have more wiggle room when it comes to personal property coverage. 

You can make a home inventory that tracks and values all your belongings to calculate your ideal limit. Most insurers require at least $100,000 in liability coverage, but we recommend opting for at least $300,000, but you may need more. Get enough liability coverage to cover your assets. It’s better to be safe than sorry.

Distinguish Between Actual Cash Value and Replacement Cost

When selecting your Stuart home insurance plan, you should also distinguish between actual cash value and replacement cost coverage. With actual cash value, your insurer deducts depreciation before settling a claim. On the other hand, replacement cost coverage allows your insurer to reimburse you for the amount you initially paid for an item (or its fair market value) regardless of its age when filing a claim. 

Although replacement cost coverage is the superior option, it comes at a higher cost. Note when each applies in your policy so you’re not surprised during a claim, and choose the one you think suits you.

Shop Around

Once you know what you need in your policy, you should compare your options with multiple insurers. Check rates, customer service, and other qualities that are important to you.

For example, you may want to compare endorsements or discounts. Gauge customer service to see if a provider is more pleasant or helpful than another. And, gauge user experience if quoting online or on an app.

Shopping around properly takes some time, but it should be well worth it if you find the coverage you need at the price you want. If you need help, you can also consult an independent insurance agency in Stuart.

What to Know About Flood Insurance in Stuart, Florida

The St. Lucie River, the Indian River, and the Atlantic Ocean all run through or around different parts of Stuart, making the city vulnerable to coastal flooding and storm surges. If these flood events occur, home insurance wouldn’t help you. Homeowners insurance doesn’t cover flooding.

Floods are typically not covered by standard homeowners insurance policies because of their frequency and severity. Factoring them into premiums would make rates in Florida even less affordable. 

However, floods are extremely common, and we encourage you to seek some sort of protection. Consider purchasing a separate Stuart flood insurance policy to protect your home completely. 

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Cost Factors of Home Insurance in Stuart, Florida

Insurance companies assess many factors about you and your property to determine appropriate premiums. They consider as many aspects as they can because they need to determine fiscally sound rates to make a profit and continue offering coverage to policymakers.

Some of the most critical factors affecting Stuart homeowners insurance costs include:

Location: Homes in damage-prone areas typically have higher premiums. Examples of damage-prone areas include flood zones and high-crime neighborhoods. Also, homes on or near a body of water are more likely to suffer wind and flood damage during a hurricane and often have higher insurance costs.

Home Construction: The way your home was built also affects your rates. Masonry homes tend to withstand wind and fire damage than wooden houses and often have lower premiums. Also, homes with newer roofs and components have lower rates.

Claims History: People or properties with a history of home insurance claims typically have higher rates than policyholders with clean slates.

Deductible: Raising your deductible, the amount you pay out of pocket before filing a claim, can lower your insurance premiums.

Is Home Insurance Required in Stuart?

Homeowners insurance in Stuart isn’t required by law. However, mortgage lenders have rules that make it effectively mandatory for most homeowners.

If you have a mortgage on your home, your lender will likely require you to have homeowners insurance as a condition of the loan. Lenders want to protect their investment (the property) in case of damage or loss. They typically specify coverage amounts and may even include the cost of insurance in your monthly mortgage payment through escrow.

How to Get Home Insurance Quotes in Stuart.

As we mentioned earlier, taking the time to compare homeowners insurance quotes in Stuart is crucial to protecting your home sufficiently while keeping costs down. Whether you’re gathering information or actively seeking new insurance, our team at Clovered is happy to assist you.

We’re an independent insurance agency based in South Florida. We’re very familiar with the difficulty of the state’s insurance market, and we want to help you find the coverage you need at the price you desire.Compare quotes in minutes with our proprietary online quoting tool. Or, chat with one of our licensed agents at 833-255-4117 for a quote over the phone. You can also email us at agent@clovered.com with any questions.

Homeowners
It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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